Meanwhile, Senator Philip Ozouf – who currently has political responsibility for the Innovation Fund – has said he would not be resigning after Comptroller and Auditor General Karen McConnell yesterday published a damning report into the fund. It was previously overseen by Senators Alan Maclean and Lyndon Farnham.
Ms McConnell concluded that the fund – which had a budget of £5m when it was set up in 2013 – was not fit for purpose and recommended that it be frozen immediately.
The CAG concluded that there had been serious failures in the set up and management of the fund, with only 26 per cent of the repayments due on the £2.1m of loans to date received. She concluded that almost £1.4m may never be recovered.
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